#CHECKLIST TO GIVE KIDS ESTATE PLANNING PDF#
#CHECKLIST TO GIVE KIDS ESTATE PLANNING FULL#

The funds in the account remain in the parent/grandparent’s estate and are subject to estate tax.

Disadvantages: Child may receive the assets when he or she is still very young requiring the appointment of a guardian by the court.

Each of these bank accounts transfers account ownership to the child on the death of the parent/grandparent

Disadvantages: Child is not mature enough to handle the money.Ī Multi-Party Bank Account i.e.

Knowing the benefits of gifting, parents and grandparents ask, should they give an outright gift, put money in a bank account in joint names, or pay college tuition directly to a school? Following are the various forms of gifts and the advantages and disadvantages of each. Instead of lifetime exclusion for estate taxes of $3,000,000, with annual gifting, parents and grandparents can more than double the size of their estate excluded from estate taxes.

The gift allows each parent/grandparent to transfer $11,000 annually without paying any transfer taxes.

The gift shifts assets out of the parent/grandparent’s estate so that it grows in the child’s estate.

The gift may provide funds for education or medical needs.

Parents and grandparents often want to provide for their children and grandchildren. Visit her website at Making Gifts To Minors She obtained her undergraduate degree magna cum laude from the University of California, Los Angeles, in 1980, and her law degree in 1983, from the University of Southern California. Lerman speaks on estate planning topics and writes articles to inform parents about protecting their family with an estate plan. Michelle Lerman of Lerman & Lerman is a well-known estate-planning attorney with offices in Marin, San Francisco and Los Angeles.

Have we put our estate planning documents in a safe place (a safe deposit box or fireproof safe)?.

Have we reviewed our estate plan within the last 2 years?.

Does our estate plan fulfill our charitable goals?.

Who is the beneficiary of our retirement plans (spouse, a charity or the living trust)?.

If we owned any property as “joint tenants”, did we consider changing the ownership to “community property with right of survivorship” as allowed by new legislation?.

Are all of our assets (house, bank accounts, partnership interests and personal property) in our living trust?.

Do we have a buy-sell agreement for our business so our family will not suffer a financial hardship?.

Is the amount and type of life insurance we have adequate for our family’s needs?.

Do we need a life insurance trust so that our family (not the IRS) receives the proceeds?.

Does our living trust or will create a trust for our children if something happens to both of us?.

Do we have a Bypass Trust or QTIP trust in our living trust so that estate taxes are minimized and our children are protected?.

Do we need a living trust so that our estate avoids probate?.

Lerman Law Partners LLP Estate Plan Checklist For Those We Love Thank you for the opportunity to be of service! We look forward to providing you with the most efficient and up-to-date planning possible. No need delay to retrieve dusty files from storage! And, since we save your entire file electronically, we can instantaneously access your records to answer any future issues that you ask us to address.

#CHECKLIST TO GIVE KIDS ESTATE PLANNING PDF#

You will keep your original fully executed Lerman Legacy Plan, and we provide you with a computer disk with your executed documents in pdf format enabling you to easily transmit your signed documents to your family and advisors.

In addition to customizing your plan to fit your particular needs, we pride ourselves on state-of-the-art technology.

Do you need to address California community property law with your family law attorney?.

Do you want a “No Contest Clause” to dissuade your beneficiaries from contesting?.

Will your retirement accounts and life insurance be integrated into your trust?.Who should be included in the definition of your “issue”?.Who should be your trustee? Your kids? Or, a bank, sibling or friend?.Do you want to limit the trustee’s obligation to account to your beneficiaries?.Will the trustee be allowed to retain assets even if the trust assets are not diversified?.How will your family heirlooms, jewelry and art be identified and distributed?.

#CHECKLIST TO GIVE KIDS ESTATE PLANNING FULL#

Do you want your beneficiaries to have full control of your assets?.

We explain the critical issues below in great detail to identify your goals and customize an estate plan to meet those goals. The “ Lerman Legacy Plan” does just that. You deserve an estate plan that satisfies your unique goals so you have optimum peace of mind. Custom Estate Planning for Optimum Peace of Mind

Checklist to give kids estate planning